A new tax break is available this filing season for taxpayers who have car loans on vehicles that meet certain specifications. The One Big Beautiful Bill Act (OBBBA), which was passed through Congress ...

Drivers who purchased vehicles after Dec. 31, 2024, may now be eligible to claim the new car loan interest deduction, a key piece of the GOP tax law signed last year. The deduction allows qualifying ...

Mileage deductions can add up to significant savings for taxpayers. Self-employed workers and business owners are eligible for the largest tax-deductible mileage rate. Mileage can be deducted for ...

Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

The basics of the car loan interest deduction is that it must be a new vehicle assembled in the United States, with the loan being a first lien on the vehicle. The deduction has an annual limit of $10 ...

There's a brand-new tax deduction in place this filing season: Taxpayers who bought a new car in 2025 can, in some cases, deduct interest on their auto loan. The deduction was created by the One Big ...

Quick Read The $6,000 senior tax deduction has been a highly publicized tax benefit of the OBBBA. The bill included many ...

As you explore tax credits, you'll come across three types: refundable, partially refundable and nonrefundable. The key ...